Legg Mason Global Asset Management Trust NPORT-P Martin Currie SMASh Series EM Fund (Apr 2024 report)

MARTIN CURRIE SMASH SERIES EM FUND

(Percentages shown based on Fund net assets)   Schedule of investments (unaudited)   April 30, 2024

SECURITY	SHARES		VALUE
COMMON STOCKS - 99.1%
COMMUNICATION SERVICES - 1.3%
Interactive Media & Services - 1.3%
NAVER Corp.		129,667	$	17,103,019	(a)
CONSUMER DISCRETIONARY - 12.3%
Automobiles - 4.2%
Maruti Suzuki India Ltd.		360,712		55,340,193	(a)
Broadline Retail - 2.2%
MercadoLibre Inc.		19,498		28,441,733	*
Textiles, Apparel & Luxury Goods - 5.9%
Titan Co. Ltd.		1,830,664		78,548,896	(a)
TOTAL CONSUMER DISCRETIONARY				162,330,822
CONSUMER STAPLES - 2.3%
Consumer Staples Distribution & Retail - 0.6%
Robinsons Retail Holdings Inc.		13,977,290		8,698,228
Personal Care Products - 1.7%
Proya Cosmetics Co. Ltd., Class A Shares		1,473,460		22,229,876	(a)
TOTAL CONSUMER STAPLES				30,928,104
ENERGY - 6.7%
Oil, Gas & Consumable Fuels - 6.7%
Reliance Industries Ltd.		2,527,855		88,738,499	(a)
FINANCIALS - 11.5%
Banks - 9.2%
Al Rajhi Bank		2,517,041		53,535,606	(a)
Kotak Mahindra Bank Ltd.		2,141,443		41,619,792	(a)
Shinhan Financial Group Co. Ltd.		776,818		26,098,989	(a)
Total Banks				121,254,387
Capital Markets - 2.3%
B3 SA - Brasil Bolsa Balcao		14,642,300		30,313,278
TOTAL FINANCIALS				151,567,665
HEALTH CARE - 5.0%
Health Care Equipment & Supplies - 1.1%
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A Shares		344,400		14,460,495	(a)
Health Care Providers & Services - 2.8%
Dr Sulaiman Al Habib Medical Services Group Co.		203,741		16,846,881	(a)
Odontoprev SA		9,016,120		20,853,445
Total Health Care Providers & Services				37,700,326
Pharmaceuticals - 1.1%
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H Shares		9,086,500		14,264,565	(a)
TOTAL HEALTH CARE				66,425,386

See Notes to Schedule of Investments.

Martin Currie SMASh Series EM Fund 2024 Quarterly Report     1

MARTIN CURRIE SMASH SERIES EM FUND

(Percentages shown based on Fund net assets)   Schedule of investments (unaudited) (cont’d) April 30, 2024

SECURITY	SHARES		VALUE
INDUSTRIALS - 5.7%
Electrical Equipment - 3.2%
Contemporary Amperex Technology Co. Ltd., Class A Shares		1,398,668	$	39,118,841	(a)
LG Energy Solution Ltd.		8,656		2,408,264	*(a)
Total Electrical Equipment				41,527,105
Machinery - 2.5%
Shenzhen Inovance Technology Co. Ltd., Class A Shares		4,071,546		33,453,979
TOTAL INDUSTRIALS				74,981,084
INFORMATION TECHNOLOGY - 40.5%
Electronic Equipment, Instruments & Components - 4.4%
Delta Electronics Inc.		3,884,000		38,037,161	(a)
Samsung SDI Co. Ltd.		66,146		20,470,147	(a)
Total Electronic Equipment, Instruments & Components				58,507,308
IT Services - 3.2%
Tata Consultancy Services Ltd.		930,465		42,466,537	(a)
Semiconductors & Semiconductor Equipment - 11.1%
Globalwafers Co. Ltd.		2,257,000		35,861,818	(a)
SK Hynix Inc.		892,026		110,081,077	(a)
Total Semiconductors & Semiconductor Equipment				145,942,895
Technology Hardware, Storage & Peripherals - 21.8%
Quanta Computer Inc.		4,385,000		34,414,546	(a)
Samsung Electronics Co. Ltd.		2,612,090		145,197,302	(a)
Samsung Electronics Co. Ltd., Registered Shares, GDR		77,892		108,694,836	(a)
Total Technology Hardware, Storage & Peripherals				288,306,684
TOTAL INFORMATION TECHNOLOGY				535,223,424
MATERIALS - 13.8%
Chemicals - 6.0%
Asian Paints Ltd.		990,793		34,081,232	(a)
LG Chem Ltd.		99,873		28,698,346	(a)
Orbia Advance Corp. SAB de CV		10,288,200		16,839,959
Total Chemicals				79,619,537
Construction Materials - 3.1%
UltraTech Cement Ltd.		337,695		40,275,002	(a)
Metals & Mining - 4.7%
Antofagasta PLC		2,248,076		61,668,712	(a)
TOTAL MATERIALS				181,563,251
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS (Cost - $1,249,190,628)				1,308,861,254

See Notes to Schedule of Investments.

    2   Martin Currie SMASh Series EM Fund 2024 Quarterly Report

MARTIN CURRIE SMASH SERIES EM FUND

(Percentages shown based on Fund net assets)   Schedule of investments (unaudited) (cont’d) April 30, 2024

SECURITY	RATE			SHARES		VALUE
SHORT-TERM INVESTMENTS - 0.6%
Western Asset Institutional U.S. Treasury Reserves,
Institutional Shares (Cost - $8,361,006)		5.197	%		8,361,006	$	8,361,006	(b)(c)
TOTAL INVESTMENTS - 99.7% (Cost - $1,257,551,634)							1,317,222,260
Other Assets in Excess of Liabilities - 0.3%							4,076,727
TOTAL NET ASSETS - 100.0%						$	1,321,298,987

* Non-income producing security.

(a) Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1).

(b) Rate shown is one-day yield as of the end of the reporting period.

(c) In this instance, as defined in the Investment Company Act of 1940, an “Affiliated Company” represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At April 30, 2024, the total market value of investments in Affiliated Companies was $8,361,006 and the cost was $8,361,006 (Note 2).

Abbreviation(s) used in this schedule:

GDR — Global Depositary Receipts

This Schedule of Investments is unaudited and is intended to provide information about the Fund’s investments as of the date of the schedule. Other information regarding the Fund is available in the Fund’s most recent annual or semi-annual shareholder report.

See Notes to Schedule of Investments.

Martin Currie SMASh Series EM Fund 2024 Quarterly Report      3

Notes to Schedule of Investments (unaudited)

1. Organization and significant accounting policies

Martin Currie SMASh Series EM Fund (the “Fund”) is a separate non-diversified investment series of Legg Mason Global Asset Management Trust (the “Trust”). The Trust, a Maryland statutory trust, is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

Shares of the Fund may be purchased only by or on behalf of separately managed account clients where an affiliate of Franklin Templeton Fund Adviser, LLC (“FTFA”) (formerly known as Legg Mason Partners Fund Advisor, LLC prior to November 30, 2023) has an agreement to serve as investment adviser or subadviser (each affiliate, a “Managed Account Adviser”) to the account with the managed account program sponsor (the “Program Sponsor”) (typically, a registered investment adviser or broker/dealer) or directly with the client. Shareholders of the Fund pay fees to their separately managed account sponsor, some of which are paid to affiliates of FTFA. FTFA and the subadvisers do not charge investment management fees to the Fund.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (“ASC 946”). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles (“GAAP”), including, but not limited to, ASC 946.

(a) Investment valuation. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will normally use the currency exchange rates as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset

    4   Martin Currie SMASh Series EM Fund 2024 Quarterly Report

Notes to Schedule of Investments (unaudited) (continued)

value, the Fund values these securities as determined in accordance with procedures approved by the Fund’s Board of Trustees. This may include using an independent third party pricing service to adjust the value of such securities to the latest indications of fair value at 4:00 p.m. (Eastern Time).

Pursuant to policies adopted by the Board of Trustees, the Fund’s manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund’s manager is assisted by the Global Fund Valuation Committee (the “Valuation Committee”). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Fund’s manager and the Board of Trustees. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Trustees quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

Martin Currie SMASh Series EM Fund 2024 Quarterly Report      5

Notes to Schedule of Investments (unaudited) (continued)

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 – unadjusted quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:

ASSETS
DESCRIPTION	QUOTED PRICES (LEVEL 1)		OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2)*		SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)		TOTAL
Long-Term Investments†:
Common Stocks:
Consumer Discretionary	$	28,441,733	$	133,889,089		—	$	162,330,822
Consumer Staples		8,698,228		22,229,876		—		30,928,104
Financials		30,313,278		121,254,387		—		151,567,665
Health Care		20,853,445		45,571,941		—		66,425,386
Industrials		33,453,979		41,527,105		—		74,981,084
Materials		16,839,959		164,723,292		—		181,563,251
Other Common Stocks		—		641,064,942		—		641,064,942
Total Long-Term Investments		138,600,622		1,170,260,632		—		1,308,861,254
Short-Term Investments†		8,361,006		—		—		8,361,006
Total Investments	$	146,961,628	$	1,170,260,632		—	$	1,317,222,260

* As a result of the fair value pricing procedures for international equities utilized by the Fund, which account for events occurring after the close of the principal market of the security but prior to the calculation of the Fund’s net asset value, certain securities were classified as Level 2 within the fair value hierarchy.

† See Schedule of Investments for additional detailed categorizations.

2. Transactions with affiliated company

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for

    6   Martin Currie SMASh Series EM Fund 2024 Quarterly Report

Notes to Schedule of Investments (unaudited) (continued)

all or some portion of the period ended April 30, 2024. The following transactions were effected in such company for the period ended April 30, 2024.

	Affiliate Value at July 31, 2023		Purchased				Sold
			Cost		Shares		Proceeds		Shares
Western Asset Institutional U.S. Treasury Reserves, Institutional Shares		—	$	60,933,107		60,933,107	$	52,572,101		52,572,101

(cont’d)	Realized Gain (Loss)		Dividend Income		Net Increase (Decrease) in Unrealized Appreciation (Depreciation)		Affiliate Value at April 30, 2024
Western Asset Institutional U.S. Treasury Reserves, Institutional Shares		—	$	90,599		—	$	8,361,006

Martin Currie SMASh Series EM Fund 2024 Quarterly Report      7